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UK banks asked for feedback on risk-mitigation requirements of transactions not cleared by CCPs

( April 30, 2024, 15:15 GMT | Official Statement) -- MLex Summary: UK banks and building societies have been invited to respond to a joint consultation from the Prudential Regulation Authority and the Financial Conduct Authority. The two regulators have proposed new requirements to mitigate the risks stemming from over-the-counter derivative contracts that aren't cleared by central counterparties. "The PRA and FCA have aligned their proposals closely, which should contribute to ensuring clarity for firms and a proportionate approach to regulation," the Bank of England said in the proposal. The consultation is open until May 30.Consultation paper is attached....

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